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Audit Highlights

The following are highlights of our work during the April 1, 2019–September 30, 2019, semiannual reporting period.

The Sharing of Consumer Complaint Data Within the Bureau
Overall, the Office of Consumer Response (Consumer Response) effectively shares consumer complaint data within the Bureau. Our review determined, however, that Consumer Response can better educate users about the internal complaint-sharing tools and can enhance access controls.

The Bureau’s Life Cycle Processes for FedRAMP
The Bureau has developed a life cycle process for deploying and managing security risks for Bureau systems, which include the Federal Risk and Authorization Management Program (FedRAMP) cloud systems it uses. We found, however, that the process is not yet effective with respect to risk assessment, continuous monitoring, and electronic media sanitization.

Enterprise Workforce Planning at the Board
Although the Board has made initial progress in implementing enterprisewide workforce planning, we determined that it faces four operational challenges, which are common among other organizations in the private and public sectors: resources, data and information, time, and process ownership. Through benchmarking, we identified several strategies that may help the Board mitigate its operational challenges.

The Board’s Enforcement Action Issuance and Termination Process
Supervision staff can use enforcement actions to compel a supervised institution’s management to address safety and soundness or compliance issues identified through the supervisory process or other means. The Board and the Federal Reserve Banks have implemented some effective practices to support the processes for issuing and terminating enforcement actions against supervised institutions; however, we identified opportunities for the Board to enhance these processes.


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